Equity Residential (NYSE: EQR) today reported results for the quarter ended March 31, 2022. All per share results are reported as available to common shares/units on a diluted basis. For the first quarter of 2022, the Company reported earnings per share (EPS), Funds from Operations (FFO) per share and Normalized FFO per share of $0.19, $0.77 and $0.77, respectively.
“We delivered very good revenue growth in the first quarter driven by lease rates that accelerated faster than we expected due to exceptionally strong demand partially offset by higher than anticipated levels of new delinquency in Southern California,” said Mark J. Parrell, Equity Residential’s President and CEO. “Operating expense growth remains in check due to a combination of muted property tax increases and continuing efficiencies from our innovation initiatives, leading to 10.7% same store NOI growth for the quarter. As we head into our primary leasing season, we remain well positioned to generate excellent cash flow growth for our shareholders.”
Recent Highlights
- Strong demand drove a 26.7% increase in EPS, 14.9% increase in FFO per share and 13.2% increase in Normalized FFO per share during the first quarter of 2022 compared to the same period of 2021.
- The Company reported a 7.8% increase in same store revenue for the first quarter of 2022 compared to the same period of 2021, driven by strong Physical Occupancy and significant growth in pricing power.
- The Company reported a 2.5% increase in same store expenses for the first quarter of 2022, reflecting the Company’s continued success in managing controllable expenses and modest growth in real estate tax expense.
- The Company reported same store Turnover of 8.7% for the first quarter of 2022, the lowest in the Company’s history, reflecting a continued trend of historically high resident retention.
- The Company acquired one operating property in the first quarter of 2022, a 172-unit apartment property in San Diego, for a purchase price of $113.0 million. The Company did not sell any properties during the first quarter of 2022, but sold a 354-unit apartment property in New York for approximately $265.7 million in April 2022.
First Quarter 2022 Results
The change in EPS for the quarter ended March 31, 2022 compared to the same period of 2021 is due primarily to higher depreciation expense, offset by the various adjustment items listed on page 25 of this release and the items described below.
The per share change in FFO for the quarter ended March 31, 2022 compared to the same period of 2021 is due primarily to the various adjustment items listed on page 25 of this release and the items described below.
The per share change in Normalized FFO is due primarily to:
|
|
Positive/(Negative) Impact |
|
|
|
|
First Quarter 2022 vs. First Quarter 2021 |
|
|
Residential same store Net Operating Income (NOI) |
|
$ |
0.10 |
|
Lease-Up NOI |
|
|
0.01 |
|
2022 and 2021 transaction activity impact on NOI, net |
|
0.01 |
|
|
Interest expense, net |
|
|
(0.02 |
) |
Other items |
|
|
(0.01 |
) |
Net |
|
$ |
0.09 |
|
The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 27 through 32 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 6, 29 and 30 of this release.
First Quarter 2022 Same Store Results
The following table shows the total same store results for the periods presented.
|
|
First Quarter 2022 vs. First Quarter 2021 |
|
|
First Quarter 2022 vs. Fourth Quarter 2021 |
|
||
Apartment Units |
|
74,675 |
|
|
77,276 |
|
||
Physical Occupancy |
|
96.4% vs. 95.0% |
|
|
96.4% vs. 96.6% |
|
||
|
|
|
|
|
|
|
|
|
Revenues |
|
7.8% |
|
|
0.9% |
|
||
Expenses |
|
2.5% |
|
|
5.7% |
|
||
NOI |
|
10.7% |
|
|
(1.5%) |
|
||
|
|
|
|
|
|
|||
On page 10 of this release, the Company has provided a breakout of Residential and Non-Residential same store results with definitions that can be found on page 31 of this release. Non-Residential operations account for approximately 3.8% of total revenues for the quarter ended March 31, 2022.
The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.
|
|
First Quarter 2022 vs. First Quarter 2021 |
|
|
First Quarter 2022 vs. Fourth Quarter 2021 |
|
||
|
|
% Change |
|
|
% Change |
|
||
Same Store Residential Revenues- |
|
|
|
|
|
|
|
|
comparable period |
||||||||
Lease rates |
|
|
4.2 |
% |
|
|
1.9 |
% |
Leasing Concessions |
|
|
1.5 |
% |
|
|
0.6 |
% |
Vacancy gain (loss) |
|
|
1.2 |
% |
|
|
(0.2 |
%) |
Bad Debt, Net (1) |
|
|
0.6 |
% |
|
|
(1.2 |
%) |
Other (2) |
|
|
0.3 |
% |
|
|
0.0 |
% |
Same Store Residential Revenues- |
||||||||
current period |
|
|
7.8 |
% |
|
|
1.1 |
% |
(1) |
Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. |
(2) |
Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items. |
See page 11 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.
As indicated in our March 2022 Investor Update1, both quarter-over-quarter and sequential Same Store Residential Revenues in the first quarter of 2022 were impacted by higher than expected delinquency in Southern California caused by residents that were previously in good standing failing to pay their rent as they applied for funds under the California rental assistance program as it was expanded and extended into 2022. The Company continues to actively pursue payment and is seeing early signs of improved resident payment behavior in April 2022 with the expiration of the program’s eligibility period on March 31, 2022.
For the first quarter of 2022, better than expected lease rates partially offset this increased delinquency. For the full year of 2022, we expect these higher lease rates to more than fully offset the increased delinquency, which we now expect to moderate later in the second half of 2022.
1 The March 2022 Investor Update is included in the Investor section on the Company’s website.
Residential Same Store Operating Statistics
The following table includes select operating metrics for Residential Same Store Properties:
|
|
Q4 2021 |
|
|
Q1 2022 |
|
|
April 2022 (1) |
|
|||
Physical Occupancy (2) |
|
96.4% |
|
|
96.3% |
|
|
96.6% |
|
|||
Percentage of Residents Renewing by quarter/month |
|
61.2% |
|
|
60.0% |
|
|
60.0% |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lease Change |
|
10.6% |
|
|
15.3% |
|
|
17.6% |
|
|||
Renewal Rate Achieved |
|
10.7% |
|
|
11.9% |
|
|
12.5% |
|
|||
Blended Rate |
|
10.7% |
|
|
13.3% |
|
|
14.7% |
|
|||
(1) |
April 2022 results are preliminary. |
(2) |
Physical Occupancy is as of month-end December for Q4 2021, month-end March for Q1 2022 and as of April 21st for April 2022. |
Investment Activity and Portfolio Strategy
The Company continues to optimize its portfolio by allocating capital to desirable suburban locations within its established markets and through expansion into certain new markets that attract a renter demographic that values our exceptional product offering. In support of this strategy, the Company acquired a 172-unit apartment property in San Diego, built in 2020, during the first quarter of 2022 for $113.0 million at an Acquisition Cap Rate of 3.5%.
The Company did not sell any properties in the first quarter of 2022, but subsequent to the quarter, sold a 354-unit apartment property in New York, built in 2003, for approximately $265.7 million at a Disposition Yield of 3.3%.
Second Quarter 2022 Guidance
The Company has established guidance ranges for the second quarter of 2022 EPS, FFO per share and Normalized FFO per share as listed below:
|
|
Q2 2022 Guidance |
EPS |
|
$1.00 to $1.04 |
FFO per share |
|
$0.82 to $0.86 |
Normalized FFO per share |
|
$0.82 to $0.86 |
The difference between the first quarter of 2022 actual EPS of $0.19 and the second quarter of 2022 EPS guidance midpoint of $1.02 is due primarily to higher expected same store NOI and property sale gains.
The difference between the first quarter of 2022 actual FFO and Normalized FFO of $0.77 per share and the second quarter of 2022 FFO and Normalized FFO guidance midpoint of $0.84 per share is due primarily to higher expected same store NOI.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 311 properties consisting of 80,581 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, competition and government regulation. In addition, these forward-looking statements are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration and severity of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy and the corresponding impact on our residents’ and tenants’ ability to pay their rent on time or at all, the extent and impact of governmental responses, the rollout and effectiveness of vaccines and the impact of operational changes we have implemented and may implement in response to the pandemic. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
A live web cast of the Company’s conference call discussing these results will take place tomorrow, Wednesday, April 27, 2022 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.
Equity Residential Consolidated Statements of Operations (Amounts in thousands except per share data) (Unaudited) |
||||||||
|
|
Quarter Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
REVENUES |
|
|
|
|
|
|
|
|
Rental income |
|
$ |
653,348 |
|
|
$ |
597,602 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
Property and maintenance |
|
|
124,874 |
|
|
|
117,054 |
|
Real estate taxes and insurance |
|
|
100,688 |
|
|
|
103,470 |
|
Property management |
|
|
30,747 |
|
|
|
26,130 |
|
General and administrative |
|
|
17,238 |
|
|
|
15,383 |
|
Depreciation |
|
|
229,961 |
|
|
|
199,962 |
|
Total expenses |
|
|
503,508 |
|
|
|
461,999 |
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sales of real estate properties |
|
|
(102 |
) |
|
|
(43 |
) |
|
|
|
|
|
|
|
|
|
Operating income |
|
|
149,738 |
|
|
|
135,560 |
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
3,528 |
|
|
|
216 |
|
Other expenses |
|
|
(3,056 |
) |
|
|
(4,110 |
) |
Interest: |
|
|
|
|
|
|
|
|
Expense incurred, net |
|
|
(72,792 |
) |
|
|
(67,358 |
) |
Amortization of deferred financing costs |
|
|
(2,077 |
) |
|
|
(2,185 |
) |
Income before income and other taxes, income (loss) from |
||||||||
investments in unconsolidated entities and net gain (loss) |
||||||||
on sales of land parcels |
|
|
75,341 |
|
|
|
62,123 |
|
Income and other tax (expense) benefit |
|
|
(282 |
) |
|
|
(153 |
) |
Income (loss) from investments in unconsolidated entities |
|
|
(1,261 |
) |
|
|
(1,611 |
) |
Net gain (loss) on sales of land parcels |
|
|
— |
|
|
|
5 |
|
Net income |
|
|
73,798 |
|
|
|
60,364 |
|
Net (income) loss attributable to Noncontrolling Interests: |
|
|
|
|
|
|
|
|
Operating Partnership |
|
|
(2,394 |
) |
|
|
(2,143 |
) |
Partially Owned Properties |
|
|
(639 |
) |
|
|
(682 |
) |
Net income attributable to controlling interests |
|
|
70,765 |
|
|
|
57,539 |
|
Preferred distributions |
|
|
(772 |
) |
|
|
(773 |
) |
Net income available to Common Shares |
|
$ |
69,993 |
|
|
$ |
56,766 |
|
|
|
|
|
|
|
|
|
|
Earnings per share – basic: |
|
|
|
|
|
|
|
|
Net income available to Common Shares |
|
$ |
0.19 |
|
|
$ |
0.15 |
|
Weighted average Common Shares outstanding |
|
|
375,509 |
|
|
|
372,280 |
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
Net income available to Common Shares |
|
$ |
0.19 |
|
|
$ |
0.15 |
|
Weighted average Common Shares outstanding |
|
|
389,628 |
|
|
|
386,916 |
|
|
|
|
|
|
|
|
|
|
Distributions declared per Common Share outstanding |
|
$ |
0.625 |
|
|
$ |
0.6025 |
|
Equity Residential Consolidated Statements of Funds From Operations and Normalized Funds From Operations (Amounts in thousands except per share data) (Unaudited) |
|||||||||
|
|
|
|
|
|||||
|
|
Quarter Ended March 31, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
Net income |
|
$ |
73,798 |
|
|
$ |
60,364 |
|
|
Net (income) loss attributable to Noncontrolling Interests – Partially |
|||||||||
Owned Properties |
|
|
(639 |
) |
|
|
(682 |
) |
|
Preferred distributions |
|
|
(772 |
) |
|
|
(773 |
) |
|
Net income available to Common Shares and Units |
|
|
72,387 |
|
|
|
58,909 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
229,961 |
|
|
|
199,962 |
|
|
Depreciation – Non-real estate additions |
|
|
(1,052 |
) |
|
|
(1,100 |
) |
|
Depreciation – Partially Owned Properties |
|
|
(893 |
) |
|
|
(828 |
) |
|
Depreciation – Unconsolidated Properties |
|
|
620 |
|
|
|
617 |
|
|
Net (gain) loss on sales of unconsolidated entities - operating |
|||||||||
assets |
|
|
(9 |
) |
|
|
(4 |
) |
|
Net (gain) loss on sales of real estate properties |
|
|
102 |
|
|
|
43 |
|
|
FFO available to Common Shares and Units |
|
|
301,116 |
|
|
|
257,599 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (see note for additional detail): |
|
|
|
|
|
|
|
|
|
Impairment – non-operating assets |
|
|
— |
|
|
|
— |
|
|
Write-off of pursuit costs |
|
|
1,463 |
|
|
|
1,331 |
|
|
Debt extinguishment and preferred share redemption (gains) |
|||||||||
losses |
|
|
— |
|
|
|
264 |
|
|
Non-operating asset (gains) losses |
|
|
(1,642 |
) |
|
|
854 |
|
|
Other miscellaneous items |
|
|
(371 |
) |
|
|
2,242 |
|
|
Normalized FFO available to Common Shares and Units |
|
$ |
300,566 |
|
|
$ |
262,290 |
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
301,888 |
|
|
$ |
258,372 |
|
|
Preferred distributions |
|
|
(772 |
) |
|
|
(773 |
) |
|
FFO available to Common Shares and Units |
|
$ |
301,116 |
|
|
$ |
257,599 |
|
|
FFO per share and Unit – basic |
|
$ |
0.78 |
|
|
$ |
0.67 |
|
|
FFO per share and Unit – diluted |
|
$ |
0.77 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
Normalized FFO |
|
$ |
301,338 |
|
|
$ |
263,063 |
|
|
Preferred distributions |
|
|
(772 |
) |
|
|
(773 |
) |
|
Normalized FFO available to Common Shares and Units |
|
$ |
300,566 |
|
|
$ |
262,290 |
|
|
Normalized FFO per share and Unit – basic |
|
$ |
0.78 |
|
|
$ |
0.68 |
|
|
Normalized FFO per share and Unit – diluted |
|
$ |
0.77 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares and Units outstanding – basic |
|
|
387,397 |
|
|
|
385,330 |
|
|
Weighted average Common Shares and Units outstanding – diluted |
|
|
389,628 |
|
|
|
386,916 |
|
|
Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
Equity Residential Consolidated Balance Sheets (Amounts in thousands except for share amounts) (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Land |
|
$ |
5,836,951 |
|
|
$ |
5,814,790 |
|
Depreciable property |
|
|
22,496,307 |
|
|
|
22,370,811 |
|
Projects under development |
|
|
36,718 |
|
|
|
24,307 |
|
Land held for development |
|
|
66,980 |
|
|
|
62,998 |
|
Investment in real estate |
|
|
28,436,956 |
|
|
|
28,272,906 |
|
Accumulated depreciation |
|
|
(8,578,131 |
) |
|
|
(8,354,282 |
) |
Investment in real estate, net |
|
|
19,858,825 |
|
|
|
19,918,624 |
|
Investments in unconsolidated entities (1) |
|
|
150,092 |
|
|
|
127,448 |
|
Cash and cash equivalents |
|
|
41,140 |
|
|
|
123,832 |
|
Restricted deposits |
|
|
70,560 |
|
|
|
236,404 |
|
Right-of-use assets |
|
|
471,667 |
|
|
|
474,713 |
|
Other assets |
|
|
237,953 |
|
|
|
288,220 |
|
Total assets |
|
$ |
20,830,237 |
|
|
$ |
21,169,241 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Mortgage notes payable, net |
|
$ |
2,193,199 |
|
|
$ |
2,191,201 |
|
Notes, net |
|
|
5,836,957 |
|
|
|
5,835,222 |
|
Line of credit and commercial paper |
|
|
129,995 |
|
|
|
315,030 |
|
Accounts payable and accrued expenses |
|
|
157,681 |
|
|
|
107,013 |
|
Accrued interest payable |
|
|
56,876 |
|
|
|
69,510 |
|
Lease liabilities |
|
|
311,293 |
|
|
|
312,335 |
|
Other liabilities |
|
|
303,654 |
|
|
|
353,102 |
|
Security deposits |
|
|
67,515 |
|
|
|
66,141 |
|
Distributions payable |
|
|
242,574 |
|
|
|
233,502 |
|
Total liabilities |
|
|
9,299,744 |
|
|
|
9,483,056 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable Noncontrolling Interests – Operating Partnership |
|
|
495,760 |
|
|
|
498,977 |
|
Equity: |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred Shares of beneficial interest, $0.01 par value; |
||||||||
100,000,000 shares authorized; 745,600 shares issued and |
||||||||
outstanding as of March 31, 2022 and December 31, 2021 |
|
|
37,280 |
|
|
|
37,280 |
|
Common Shares of beneficial interest, $0.01 par value; |
||||||||
1,000,000,000 shares authorized; 375,974,070 shares issued |
||||||||
and outstanding as of March 31, 2022 and 375,527,195 |
||||||||
shares issued and outstanding as of December 31, 2021 |
|
|
3,760 |
|
|
|
3,755 |
|
Paid in capital |
|
|
9,142,969 |
|
|
|
9,121,122 |
|
Retained earnings |
|
|
1,661,705 |
|
|
|
1,827,063 |
|
Accumulated other comprehensive income (loss) |
|
|
(31,847 |
) |
|
|
(34,272 |
) |
Total shareholders’ equity |
|
|
10,813,867 |
|
|
|
10,954,948 |
|
Noncontrolling Interests: |
|
|
|
|
|
|
|
|
Operating Partnership |
|
|
217,451 |
|
|
|
214,094 |
|
Partially Owned Properties |
|
|
3,415 |
|
|
|
18,166 |
|
Total Noncontrolling Interests |
|
|
220,866 |
|
|
|
232,260 |
|
Total equity |
|
|
11,034,733 |
|
|
|
11,187,208 |
|
Total liabilities and equity |
|
$ |
20,830,237 |
|
|
$ |
21,169,241 |
|
(1) |
Includes $89.7 million and $72.5 million in unconsolidated development projects as of March 31, 2022 and December 31, 2021, respectively. See Development and Lease-Up Projects for additional details on unconsolidated development projects. |
Equity Residential Portfolio Summary As of March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
% of Stabilized |
|
|
Average |
|
||
|
|
|
|
|
|
Apartment |
|
|
Budgeted |
|
|
Rental |
|
|||
Markets/Metro Areas |
|
Properties |
|
|
Units |
|
|
NOI |
|
|
Rate |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
66 |
|
|
|
15,259 |
|
|
|
18.5 |
% |
|
$ |
2,584 |
|
Orange County |
|
|
13 |
|
|
|
4,028 |
|
|
|
5.3 |
% |
|
|
2,450 |
|
San Diego |
|
|
12 |
|
|
|
2,878 |
|
|
|
4.0 |
% |
|
|
2,697 |
|
Subtotal – Southern California |
|
|
91 |
|
|
|
22,165 |
|
|
|
27.8 |
% |
|
|
2,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
44 |
|
|
|
11,830 |
|
|
|
16.0 |
% |
|
|
3,013 |
|
Washington DC |
|
|
48 |
|
|
|
14,851 |
|
|
|
15.5 |
% |
|
|
2,380 |
|
New York |
|
|
36 |
|
|
|
9,345 |
|
|
|
13.7 |
% |
|
|
3,741 |
|
Boston |
|
|
27 |
|
|
|
7,170 |
|
|
|
11.3 |
% |
|
|
3,131 |
|
Seattle |
|
|
46 |
|
|
|
9,525 |
|
|
|
11.0 |
% |
|
|
2,388 |
|
Subtotal – Established Markets |
|
|
292 |
|
|
|
74,886 |
|
|
|
95.3 |
% |
|
|
2,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expansion Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denver |
|
|
8 |
|
|
|
2,498 |
|
|
|
2.6 |
% |
|
|
2,228 |
|
Atlanta |
|
|
4 |
|
|
|
1,215 |
|
|
|
0.9 |
% |
|
|
1,952 |
|
Dallas/Ft. Worth |
|
|
4 |
|
|
|
1,241 |
|
|
|
0.8 |
% |
|
|
1,837 |
|
Austin |
|
|
3 |
|
|
|
741 |
|
|
|
0.4 |
% |
|
|
1,723 |
|
Subtotal – Expansion Markets |
|
|
19 |
|
|
|
5,695 |
|
|
|
4.7 |
% |
|
|
2,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
311 |
|
|
|
80,581 |
|
|
|
100.0 |
% |
|
$ |
2,728 |
|
|
|
Properties |
|
|
Apartment Units |
|
||
|
|
|
|
|
|
|
|
|
Wholly Owned Properties |
|
|
295 |
|
|
|
77,035 |
|
Partially Owned Properties – Consolidated |
|
|
16 |
|
|
|
3,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
311 |
|
|
|
80,581 |
|
Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
Equity Residential |
Portfolio Rollforward Q1 2022 ($ in thousands) |
||||||||||||||||||
|
|
|
|
Properties |
|
|
Apartment Units |
|
|
Purchase Price |
|
|
Acquisition Cap Rate |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2021 |
|
|
310 |
|
|
|
80,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Rental Properties |
|
|
|
|
1 |
|
|
|
172 |
|
|
$ |
113,000 |
|
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Configuration Changes |
|
|
|
|
— |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2022 |
|
|
311 |
|
|
|
80,581 |
|
|
|
|
|
|
|
|
|
Equity Residential |
First Quarter 2022 vs. First Quarter 2021 Same Store Results/Statistics Including 74,675 Same Store Apartment Units $ in thousands (except for Average Rental Rate) |
||||||||||||||||||||||||||||||||||||
First Quarter 2022 |
|
|
First Quarter 2021 |
|
||||||||||||||||||||||||||||||||
|
Residential |
|
|
% Change |
|
|
Non- Residential |
|
|
% Change |
|
|
Total |
|
|
% Change |
|
|
|
Residential |
|
|
Non- Residential |
|
|
Total |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
595,325 |
|
(1) |
7.8% |
|
|
$ |
23,032 |
|
|
6.4% |
|
|
$ |
618,357 |
|
|
7.8% |
|
|
Revenues |
$ |
552,111 |
|
|
$ |
21,641 |
|
|
$ |
573,752 |
|
|||
Expenses |
$ |
203,752 |
|
|
2.5% |
|
|
$ |
6,239 |
|
|
2.2% |
|
|
$ |
209,991 |
|
|
2.5% |
|
|
Expenses |
$ |
198,784 |
|
|
$ |
6,106 |
|
|
$ |
204,890 |
|
|||
NOI |
$ |
391,573 |
|
|
10.8% |
|
|
$ |
16,793 |
|
|
8.1% |
|
|
$ |
408,366 |
|
|
10.7% |
|
|
NOI |
$ |
353,327 |
|
|
$ |
15,535 |
|
|
$ |
368,862 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,757 |
|
|
6.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,597 |
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
96.4 |
% |
|
1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
95.0 |
% |
|
|
|
|
|
|
|
|
|
Turnover |
|
8.7 |
% |
|
(1.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
First Quarter 2022 vs. Fourth Quarter 2021 Same Store Results/Statistics Including 77,276 Same Store Apartment Units $ in thousands (except for Average Rental Rate) |
||||||||||||||||||||||||||||||||||||
First Quarter 2022 |
|
|
Fourth Quarter 2021 |
|
||||||||||||||||||||||||||||||||
|
Residential |
|
|
% Change |
|
|
Non- Residential |
|
|
% Change |
|
|
Total |
|
|
% Change |
|
|
|
Residential |
|
|
Non- Residential |
|
|
Total |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
610,398 |
|
(1) |
1.1% |
|
|
$ |
23,243 |
|
|
(4.0%) |
|
|
$ |
633,641 |
|
|
0.9% |
|
|
Revenues |
$ |
604,020 |
|
|
$ |
24,219 |
|
|
$ |
628,239 |
|
|||
Expenses |
$ |
209,841 |
|
|
5.9% |
|
|
$ |
6,308 |
|
|
0.0% |
|
|
$ |
216,149 |
|
|
5.7% |
|
|
Expenses |
$ |
198,153 |
|
|
$ |
6,308 |
|
|
$ |
204,461 |
|
|||
NOI |
$ |
400,557 |
|
|
(1.3%) |
|
|
$ |
16,935 |
|
|
(5.4%) |
|
|
$ |
417,492 |
|
|
(1.5%) |
|
|
NOI |
$ |
405,867 |
|
|
$ |
17,911 |
|
|
$ |
423,778 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,732 |
|
|
1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rental Rate |
$ |
2,699 |
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
96.4 |
% |
|
(0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
96.6 |
% |
|
|
|
|
|
|
|
|
|
Turnover |
|
8.8 |
% |
|
(0.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
(1) |
See page 11 for Same Store Residential Revenues with Leasing Concessions reflected on a cash basis. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. |
Equity Residential |
Same Store Residential Revenues – GAAP to Cash Basis (1) $ in thousands |
|||||||||||||||
|
First Quarter 2022 vs. First Quarter 2021 |
|
|
First Quarter 2022 vs. Fourth Quarter 2021 |
|
||||||||||
|
74,675 Same Store Apartment Units |
|
|
77,276 Same Store Apartment Units |
|
||||||||||
|
Q1 2022 |
|
|
Q1 2021 |
|
|
Q1 2022 |
|
|
Q4 2021 |
|
||||
Same Store Residential Revenues (GAAP Basis) |
$ |
595,325 |
|
|
$ |
552,111 |
|
|
$ |
610,398 |
|
|
$ |
604,020 |
|
Leasing Concessions amortized |
|
3,677 |
|
|
|
11,726 |
|
|
|
3,881 |
|
|
|
7,306 |
|
Leasing Concessions granted |
|
(1,350 |
) |
|
|
(17,058 |
) |
|
|
(1,440 |
) |
|
|
(570 |
) |
Same Store Residential Revenues with Leasing |
|||||||||||||||
Concessions on a cash basis |
$ |
597,652 |
|
|
$ |
546,779 |
|
|
$ |
612,839 |
|
|
$ |
610,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - GAAP revenue |
|
7.8 |
% |
|
|
|
|
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change - cash revenue |
|
9.3 |
% |
|
|
|
|
|
|
0.3 |
% |
|
|
|
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. |
Same Store Net Operating Income By Quarter Including 74,675 Same Store Apartment Units $ in thousands |
||||||||||||||||||||
|
|
Q1 2022 |
|
|
Q4 2021 |
|
|
Q3 2021 |
|
|
Q2 2021 |
|
|
Q1 2021 |
|
|||||
Same store revenues |
|
$ |
618,357 |
|
|
$ |
613,703 |
|
|
$ |
595,207 |
|
|
$ |
573,916 |
|
|
$ |
573,752 |
|
Same store expenses |
|
|
209,991 |
|
|
|
199,218 |
|
|
|
204,865 |
|
|
|
197,700 |
|
|
|
204,890 |
|
Same store NOI (includes Residential and Non-Residential) |
|
$ |
408,366 |
|
|
$ |
414,485 |
|
|
$ |
390,342 |
|
|
$ |
376,216 |
|
|
$ |
368,862 |
|
Equity Residential |
Same Store Resident/Tenant Accounts Receivable Balances Including 74,675 Same Store Apartment Units $ in thousands |
||||||||||||||||
|
|
Residential |
|
|
Non-Residential |
|
||||||||||
Balance Sheet (Other assets): |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||||
Resident/tenant accounts receivable balances |
$ |
42,784 |
|
|
$ |
37,344 |
|
|
$ |
3,631 |
|
|
$ |
3,192 |
|
|
Allowance for doubtful accounts |
|
(38,337 |
) |
|
|
(32,665 |
) |
|
|
(2,379 |
) |
|
|
(2,365 |
) |
|
Net receivable balances |
$ |
4,447 |
|
(1) |
$ |
4,679 |
|
|
$ |
1,252 |
|
|
$ |
827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line receivable balances |
|
$ |
2,495 |
|
(2) |
$ |
4,822 |
|
|
$ |
12,641 |
|
|
$ |
12,684 |
|
(1) |
The Company held same store Residential security deposits approximating 55.6% of the net receivable balance at March 31, 2022. |
(2) |
Total same store Residential Leasing Concessions granted in the first quarter of 2022 were approximately $1.4 million, higher than the fourth quarter of 2021 due to concession usage in Seattle. The straight-line receivable balance of $2.5 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2022 and the first quarter of 2023. |
Same Store Residential Bad Debt Including 74,675 Same Store Apartment Units $ in thousands |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement (Rental income): |
|
Q1 2022 |
|
|
Q4 2021 |
|
|
Q1 2021 |
|
|||
Bad Debt, Net (1) |
|
$ |
9,677 |
|
|
$ |
1,612 |
|
|
$ |
13,158 |
|
% of Same Store Residential Revenues |
|
|
1.6 |
% |
|
|
0.3 |
% |
|
|
2.4 |
% |
(1) |
Bad Debt, Net benefited from additional resident payments due to governmental rental assistance programs of approximately $9.6 million and $16.3 million during the first quarter of 2022 and fourth quarter of 2021, respectively. |
Equity Residential First Quarter 2022 vs. First Quarter 2021 Same Store Residential Results/Statistics by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year's Quarter |
|
|||||||||||||||||||||
Markets/Metro Areas |
|
Apartment Units |
|
|
Q1 2022
|
|
|
Q1 2022
|
|
|
Q1 2022
|
|
|
Q1 2022 Turnover |
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Rental Rate |
|
|
Physical Occupancy |
|
|
Turnover |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
15,259 |
|
|
|
19.9 |
% |
|
$ |
2,584 |
|
|
|
96.7 |
% |
|
|
8.3 |
% |
|
|
8.6 |
% |
|
|
2.8 |
% |
|
|
11.6 |
% |
|
|
7.6 |
% |
|
|
0.9 |
% |
|
|
(1.6 |
%) |
Orange County |
|
|
4,028 |
|
|
|
5.7 |
% |
|
|
2,450 |
|
|
|
97.1 |
% |
|
|
6.3 |
% |
|
|
11.3 |
% |
|
|
1.7 |
% |
|
|
14.4 |
% |
|
|
11.1 |
% |
|
|
0.1 |
% |
|
|
(1.5 |
%) |
San Diego |
|
|
2,706 |
|
|
|
4.1 |
% |
|
|
2,662 |
|
|
|
96.9 |
% |
|
|
8.9 |
% |
|
|
11.7 |
% |
|
|
6.4 |
% |
|
|
13.5 |
% |
|
|
12.1 |
% |
|
|
(0.3 |
%) |
|
|
(1.6 |
%) |
Subtotal – Southern California |
|
|
21,993 |
|
|
|
29.7 |
% |
|
|
2,569 |
|
|
|
96.8 |
% |
|
|
8.0 |
% |
|
|
9.5 |
% |
|
|
3.0 |
% |
|
|
12.4 |
% |
|
|
8.8 |
% |
|
|
0.6 |
% |
|
|
(1.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
11,630 |
|
|
|
17.7 |
% |
|
|
3,004 |
|
|
|
96.4 |
% |
|
|
9.5 |
% |
|
|
6.0 |
% |
|
|
3.6 |
% |
|
|
7.1 |
% |
|
|
2.9 |
% |
|
|
2.8 |
% |
|
|
(2.2 |
%) |
Washington DC |
|
|
14,322 |
|
|
|
16.6 |
% |
|
|
2,371 |
|
|
|
96.9 |
% |
|
|
8.2 |
% |
|
|
3.0 |
% |
|
|
4.0 |
% |
|
|
2.5 |
% |
|
|
2.0 |
% |
|
|
1.0 |
% |
|
|
(1.4 |
%) |
New York |
|
|
9,345 |
|
|
|
13.0 |
% |
|
|
3,741 |
|
|
|
97.0 |
% |
|
|
8.2 |
% |
|
|
13.6 |
% |
|
|
2.4 |
% |
|
|
27.6 |
% |
|
|
6.8 |
% |
|
|
5.7 |
% |
|
|
(0.1 |
%) |
Seattle |
|
|
9,331 |
|
|
|
11.4 |
% |
|
|
2,385 |
|
|
|
94.6 |
% |
|
|
11.5 |
% |
|
|
5.2 |
% |
|
|
(5.4 |
%) |
|
|
10.3 |
% |
|
|
6.2 |
% |
|
|
(1.0 |
%) |
|
|
0.3 |
% |
Boston |
|
|
6,430 |
|
|
|
9.7 |
% |
|
|
3,054 |
|
|
|
95.9 |
% |
|
|
7.6 |
% |
|
|
7.7 |
% |
|
|
5.0 |
% |
|
|
9.0 |
% |
|
|
7.0 |
% |
|
|
0.6 |
% |
|
|
(1.3 |
%) |
Denver |
|
|
1,624 |
|
|
|
1.9 |
% |
|
|
2,207 |
|
|
|
97.4 |
% |
|
|
10.5 |
% |
|
|
12.8 |
% |
|
|
6.1 |
% |
|
|
15.7 |
% |
|
|
11.2 |
% |
|
|
1.3 |
% |
|
|
(1.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
74,675 |
|
|
|
100.0 |
% |
|
$ |
2,757 |
|
|
|
96.4 |
% |
|
|
8.7 |
% |
|
|
7.8 |
% |
(1) |
|
2.5 |
% |
|
|
10.8 |
% |
|
|
6.2 |
% |
|
|
1.4 |
% |
|
|
(1.3 |
%) |
(1) |
With Leasing Concessions reflected on a cash basis, Same Store Residential Revenues increased 9.3% in the first quarter of 2022 compared to the first quarter of 2021. See page 11 for additional detail and reconciliations. |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the quarter ended March 31, 2022. |
|
Equity Residential First Quarter 2022 vs. Fourth Quarter 2021 Same Store Residential Results/Statistics by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Quarter |
|
|||||||||||||||||||||
Markets/Metro Areas |
|
Apartment Units |
|
|
Q1 2022
|
|
|
Q1 2022
|
|
|
Q1 2022
|
|
|
Q1 2022 Turnover |
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Rental Rate |
|
|
Physical Occupancy |
|
|
Turnover |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
|
15,259 |
|
|
|
19.4 |
% |
|
$ |
2,584 |
|
|
|
96.7 |
% |
|
|
8.3 |
% |
|
|
(3.6 |
%) |
|
|
6.3 |
% |
|
|
(7.6 |
%) |
|
|
(3.3 |
%) |
|
|
(0.2 |
%) |
|
|
(1.0 |
%) |
Orange County |
|
|
4,028 |
|
|
|
5.6 |
% |
|
|
2,450 |
|
|
|
97.1 |
% |
|
|
6.3 |
% |
|
|
0.4 |
% |
|
|
5.0 |
% |
|
|
(0.9 |
%) |
|
|
1.0 |
% |
|
|
(0.6 |
%) |
|
|
(1.1 |
%) |
San Diego |
|
|
2,706 |
|
|
|
4.0 |
% |
|
|
2,662 |
|
|
|
96.9 |
% |
|
|
8.9 |
% |
|
|
2.2 |
% |
|
|
9.5 |
% |
|
|
0.1 |
% |
|
|
2.5 |
% |
|
|
(0.3 |
%) |
|
|
0.3 |
% |
Subtotal – Southern California |
|
|
21,993 |
|
|
|
29.0 |
% |
|
|
2,569 |
|
|
|
96.8 |
% |
|
|
8.0 |
% |
|
|
(2.2 |
%) |
|
|
6.4 |
% |
|
|
(5.3 |
%) |
|
|
(1.9 |
%) |
|
|
(0.3 |
%) |
|
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
11,630 |
|
|
|
17.3 |
% |
|
|
3,004 |
|
|
|
96.4 |
% |
|
|
9.5 |
% |
|
|
2.0 |
% |
|
|
7.8 |
% |
|
|
(0.5 |
%) |
|
|
2.0 |
% |
|
|
0.0 |
% |
|
|
(1.2 |
%) |
Washington DC |
|
|
14,535 |
|
|
|
16.5 |
% |
|
|
2,367 |
|
|
|
96.9 |
% |
|
|
8.2 |
% |
|
|
0.8 |
% |
|
|
5.6 |
% |
|
|
(1.5 |
%) |
|
|
1.0 |
% |
|
|
(0.1 |
%) |
|
|
(0.8 |
%) |
New York |
|
|
9,345 |
|
|
|
12.6 |
% |
|
|
3,741 |
|
|
|
97.0 |
% |
|
|
8.2 |
% |
|
|
3.6 |
% |
|
|
4.5 |
% |
|
|
2.7 |
% |
|
|
4.0 |
% |
|
|
(0.4 |
%) |
|
|
1.3 |
% |
Seattle |
|
|
9,524 |
|
|
|
11.4 |
% |
|
|
2,388 |
|
|
|
94.6 |
% |
|
|
11.4 |
% |
|
|
2.1 |
% |
|
|
(1.0 |
%) |
|
|
3.4 |
% |
|
|
2.4 |
% |
|
|
(0.4 |
%) |
|
|
0.0 |
% |
Boston |
|
|
6,700 |
|
|
|
9.9 |
% |
|
|
3,041 |
|
|
|
95.8 |
% |
|
|
7.6 |
% |
|
|
2.9 |
% |
|
|
9.1 |
% |
|
|
0.2 |
% |
|
|
3.0 |
% |
|
|
0.0 |
% |
|
|
(1.7 |
%) |
Denver |
|
|
1,904 |
|
|
|
2.2 |
% |
|
|
2,205 |
|
|
|
97.4 |
% |
|
|
10.9 |
% |
|
|
3.1 |
% |
|
|
6.3 |
% |
|
|
1.8 |
% |
|
|
2.1 |
% |
|
|
1.0 |
% |
|
|
(3.8 |
%) |
Other Expansion Markets |
|
|
1,645 |
|
|
|
1.1 |
% |
|
|
1,807 |
|
|
|
96.2 |
% |
|
|
12.6 |
% |
|
|
4.5 |
% |
|
|
27.4 |
% |
|
|
(9.9 |
%) |
|
|
4.2 |
% |
|
|
0.4 |
% |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
77,276 |
|
|
|
100.0 |
% |
|
$ |
2,732 |
|
|
|
96.4 |
% |
|
|
8.8 |
% |
|
|
1.1 |
% |
(1) |
|
5.9 |
% |
|
|
(1.3 |
%) |
|
|
1.2 |
% |
|
|
(0.2 |
%) |
|
|
(0.7 |
%) |
(1) |
With Leasing Concessions reflected on a cash basis, Same Store Residential Revenues increased 0.3% in the first quarter of 2022 compared to the fourth quarter of 2021. See page 11 for additional detail and reconciliations. |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the quarter ended March 31, 2022. |
|
Equity Residential |
Same Store Residential Net Effective Lease Pricing Statistics For 74,675 Same Store Apartment Units |
||||||||||||||||||||||||
|
|
New Lease Change (1) |
|
|
Renewal Rate Achieved (1) |
|
|
Blended Rate (1) |
|
|||||||||||||||
Markets/Metro Areas |
|
Q1 2022 |
|
|
Q4 2021 |
|
|
Q1 2022 |
|
|
Q4 2021 |
|
|
Q1 2022 |
|
|
Q4 2021 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
14.6 |
% |
|
|
13.4 |
% |
|
|
7.2 |
% |
|
|
7.1 |
% |
|
|
10.0 |
% |
|
|
9.4 |
% |
San Francisco |
|
|
12.6 |
% |
|
|
3.6 |
% |
|
|
12.6 |
% |
|
|
12.4 |
% |
|
|
12.6 |
% |
|
|
8.1 |
% |
Washington DC |
|
|
9.0 |
% |
|
|
6.0 |
% |
|
|
7.0 |
% |
|
|
6.8 |
% |
|
|
7.8 |
% |
|
|
6.5 |
% |
New York |
|
|
29.7 |
% |
|
|
20.2 |
% |
|
|
21.0 |
% |
|
|
14.5 |
% |
|
|
24.4 |
% |
|
|
16.6 |
% |
Seattle |
|
|
13.0 |
% |
|
|
11.1 |
% |
|
|
16.4 |
% |
|
|
17.1 |
% |
|
|
14.6 |
% |
|
|
14.2 |
% |
Boston |
|
|
13.1 |
% |
|
|
12.6 |
% |
|
|
15.6 |
% |
|
|
14.6 |
% |
|
|
14.4 |
% |
|
|
13.8 |
% |
Denver |
|
|
11.0 |
% |
|
|
12.4 |
% |
|
|
11.8 |
% |
|
|
12.8 |
% |
|
|
11.3 |
% |
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
15.3 |
% |
|
|
10.6 |
% |
|
|
11.9 |
% |
|
|
10.7 |
% |
|
|
13.3 |
% |
|
|
10.7 |
% |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions. See page 3 for April 2022 preliminary data. |
Equity Residential |
First Quarter 2022 vs. First Quarter 2021 Total Same Store Operating Expenses Including 74,675 Same Store Apartment Units $ in thousands |
||||||||||||||||||||
|
|
Q1 2022 |
|
|
Q1 2021 |
|
|
$ Change (1) |
|
|
% Change |
|
|
% of Q1 2022 Operating Expenses |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate taxes |
|
$ |
87,550 |
|
|
$ |
87,086 |
|
|
$ |
464 |
|
|
|
0.5 |
% |
|
|
41.7 |
% |
On-site payroll |
|
|
40,488 |
|
|
|
41,917 |
|
|
|
(1,429 |
) |
|
|
(3.4 |
%) |
|
|
19.3 |
% |
Utilities |
|
|
34,110 |
|
|
|
30,403 |
|
|
|
3,707 |
|
|
|
12.2 |
% |
|
|
16.2 |
% |
Repairs and maintenance |
|
|
25,380 |
|
|
|
23,868 |
|
|
|
1,512 |
|
|
|
6.3 |
% |
|
|
12.1 |
% |
Insurance |
|
|
7,233 |
|
|
|
6,667 |
|
|
|
566 |
|
|
|
8.5 |
% |
|
|
3.4 |
% |
Leasing and advertising |
|
|
2,251 |
|
|
|
2,744 |
|
|
|
(493 |
) |
|
|
(18.0 |
%) |
|
|
1.1 |
% |
Other on-site operating expenses |
|
|
12,979 |
|
|
|
12,205 |
|
|
|
774 |
|
|
|
6.3 |
% |
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Same Store Operating Expenses (2) (includes Residential and Non-Residential) |
|
$ |
209,991 |
|
|
$ |
204,890 |
|
|
$ |
5,101 |
|
|
|
2.5 |
% |
|
|
100.0 |
% |
(1) |
The quarter-over-quarter changes were primarily driven by the following factors: |
Real estate taxes – Increase due to modest escalation in rates and assessed values. |
|
On-site payroll – Improved sales and service staff utilization from various technology initiatives and higher than usual staffing vacancies during the current period. |
|
Utilities – Increase from gas and electric primarily driven by higher commodity prices. |
|
Repairs and maintenance – Increase primarily driven by volume and timing of maintenance repairs along with increases in minimum wage on contracted services. |
|
Insurance – Increase due to higher premiums on property insurance renewal due to challenging conditions in the insurance market. |
|
Leasing and advertising – Decrease due primarily to reduction in use of outside brokers. |
|
Other on-site operating expenses – Increase driven primarily by higher ground lease related expenses. |
|
(2) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
Equity Residential |
Debt Summary as of March 31, 2022 ($ in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Debt Balances (1) |
|
|
% of Total |
|
|
Weighted Average Rates (1) |
|
|
Weighted Average Maturities (years) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured |
|
$ |
2,193,199 |
|
|
|
26.9 |
% |
|
|
3.33 |
% |
|
|
4.5 |
|
Unsecured |
|
|
5,966,952 |
|
|
|
73.1 |
% |
|
|
3.48 |
% |
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,160,151 |
|
|
|
100.0 |
% |
|
|
3.44 |
% |
|
|
8.1 |
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
$ |
1,895,251 |
|
|
|
23.2 |
% |
|
|
3.69 |
% |
|
|
3.7 |
|
Unsecured – Public |
|
|
5,836,957 |
|
|
|
71.5 |
% |
|
|
3.61 |
% |
|
|
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Debt |
|
|
7,732,208 |
|
|
|
94.7 |
% |
|
|
3.63 |
% |
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
|
62,767 |
|
|
|
0.8 |
% |
|
|
2.40 |
% |
|
|
0.2 |
|
Secured – Tax Exempt |
|
|
235,181 |
|
|
|
2.9 |
% |
|
|
0.69 |
% |
|
|
12.2 |
|
Unsecured – Revolving Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.6 |
|
Unsecured – Commercial Paper Program (2) |
|
|
129,995 |
|
|
|
1.6 |
% |
|
|
0.35 |
% |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Debt |
|
|
427,943 |
|
|
|
5.3 |
% |
|
|
0.72 |
% |
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,160,151 |
|
|
|
100.0 |
% |
|
|
3.44 |
% |
|
|
8.1 |
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
(2) |
At March 31, 2022, the weighted average maturity of commercial paper outstanding was 3 days. The weighted average amount outstanding for the quarter ended March 31, 2022 was approximately $260.9 million. |
Note: The Company capitalized interest of approximately $1.0 million and $3.8 million during the quarters ended March 31, 2022 and 2021, respectively. |
|
Equity Residential |
Debt Maturity Schedule as of March 31, 2022 ($ in thousands) |
||||||||||||||||||||||||
Year |
|
Fixed Rate |
|
|
Floating Rate |
|
|
Total |
|
|
% of Total |
|
|
Weighted Average Coupons on Fixed Rate Debt (1) |
|
|
Weighted Average Coupons on Total Debt (1) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
$ |
262,253 |
|
|
$ |
194,332 |
|
(2) |
$ |
456,585 |
|
|
|
5.5 |
% |
|
|
3.25 |
% |
|
|
2.40 |
% |
2023 |
|
|
1,325,588 |
|
|
|
3,500 |
|
|
|
1,329,088 |
|
|
|
16.1 |
% |
|
|
3.74 |
% |
|
|
3.73 |
% |
2024 |
|
|
— |
|
|
|
6,100 |
|
|
|
6,100 |
|
|
|
0.1 |
% |
|
N/A |
|
|
|
0.46 |
% |
|
2025 |
|
|
450,000 |
|
|
|
8,340 |
|
|
|
458,340 |
|
|
|
5.6 |
% |
|
|
3.38 |
% |
|
|
3.32 |
% |
2026 |
|
|
592,025 |
|
|
|
9,000 |
|
|
|
601,025 |
|
|
|
7.3 |
% |
|
|
3.58 |
% |
|
|
3.54 |
% |
2027 |
|
|
400,000 |
|
|
|
9,800 |
|
|
|
409,800 |
|
|
|
5.0 |
% |
|
|
3.25 |
% |
|
|
3.18 |
% |
2028 |
|
|
900,000 |
|
|
|
10,700 |
|
|
|
910,700 |
|
|
|
11.1 |
% |
|
|
3.79 |
% |
|
|
3.75 |
% |
2029 |
|
|
888,120 |
|
|
|
11,500 |
|
|
|
899,620 |
|
|
|
10.9 |
% |
|
|
3.30 |
% |
|
|
3.27 |
% |
2030 |
|
|
1,095,000 |
|
|
|
12,600 |
|
|
|
1,107,600 |
|
|
|
13.4 |
% |
|
|
2.55 |
% |
|
|
2.52 |
% |
2031 |
|
|
528,500 |
|
|
|
39,700 |
|
|
|
568,200 |
|
|
|
6.9 |
% |
|
|
1.94 |
% |
|
|
1.84 |
% |
2032+ |
|
|
1,350,850 |
|
|
|
138,900 |
|
|
|
1,489,750 |
|
|
|
18.1 |
% |
|
|
4.39 |
% |
|
|
4.02 |
% |
Subtotal |
|
|
7,792,336 |
|
|
|
444,472 |
|
|
|
8,236,808 |
|
|
|
100.0 |
% |
|
|
3.44 |
% |
|
|
3.30 |
% |
Deferred Financing Costs and Unamortized (Discount) |
|
|
(60,128 |
) |
|
|
(16,529 |
) |
|
|
(76,657 |
) |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7,732,208 |
|
|
$ |
427,943 |
|
|
$ |
8,160,151 |
|
|
|
100.0 |
% |
|
|
3.44 |
% |
|
|
3.30 |
% |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
(2) |
Includes $130.0 million in principal outstanding on the Company’s commercial paper program. |
Equity Residential |
Selected Unsecured Public Debt Covenants |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Debt to Adjusted Total Assets (not to exceed 60%) |
|
29.6% |
|
|
30.3% |
|
||
|
|
|
|
|
|
|
|
|
Secured Debt to Adjusted Total Assets (not to exceed 40%) |
|
8.7% |
|
|
8.7% |
|
||
|
|
|
|
|
|
|
|
|
Consolidated Income Available for Debt Service to |
||||||||
Maximum Annual Service Charges |
||||||||
(must be at least 1.5 to 1) |
|
5.24 |
|
|
5.05 |
|
||
|
|
|
|
|
|
|
|
|
Total Unencumbered Assets to Unsecured Debt |
||||||||
(must be at least 125%) |
|
458.1% |
|
|
441.0% |
|
||
Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP.
Selected Credit Ratios |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Total debt to Normalized EBITDAre |
|
5.42x |
|
|
5.71x |
|
||
|
|
|
|
|
|
|
|
|
Net debt to Normalized EBITDAre |
|
5.38x |
|
|
5.61x |
|
||
|
|
|
|
|
|
|
|
|
Unencumbered NOI as a % of total NOI |
|
87.5% |
|
|
87.7% |
|
||
Note: See Normalized EBITDAre Reconciliations for detail.
Equity Residential |
Capital Structure as of March 31, 2022 (Amounts in thousands except for share/unit and per share amounts) |
||||||||||||||||||||
Secured Debt |
|
|
|
|
|
|
|
|
|
$ |
2,193,199 |
|
|
|
26.9 |
% |
|
|
|
|
Unsecured Debt |
|
|
|
|
|
|
|
|
|
|
5,966,952 |
|
|
|
73.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt |
|
|
|
|
|
|
|
|
|
|
8,160,151 |
|
|
|
100.0 |
% |
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares (includes Restricted Shares) |
|
|
375,974,070 |
|
|
|
96.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Units (includes OP Units and Restricted Units) |
|
|
12,872,604 |
|
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shares and Units |
|
|
388,846,674 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Price at March 31, 2022 |
|
$ |
89.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,965,093 |
|
|
|
99.9 |
% |
|
|
|
|
Perpetual Preferred Equity (see below) |
|
|
|
|
|
|
|
|
|
|
37,280 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
|
|
|
|
|
|
|
|
35,002,373 |
|
|
|
100.0 |
% |
|
|
81.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
|
|
|
|
|
|
|
$ |
43,162,524 |
|
|
|
|
|
|
|
100.0 |
% |
Perpetual Preferred Equity as of March 31, 2022 (Amounts in thousands except for share and per share amounts) |
||||||||||||||||||
Series |
|
Call Date |
|
Outstanding Shares |
|
|
Liquidation Value |
|
|
Annual Dividend Per Share |
|
|
Annual Dividend Amount |
|
||||
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.29% Series K |
|
12/10/26 |
|
|
745,600 |
|
|
$ |
37,280 |
|
|
$ |
4.145 |
|
|
$ |
3,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Residential Common Share and Unit Weighted Average Amounts Outstanding |
|
|
Q1 2022 |
|
|
Q1 2021 |
|
||
|
|
|
|
|
|
|
|
|
Weighted Average Amounts Outstanding for Net Income Purposes: |
|
|
|
|
|
|
|
|
Common Shares - basic |
|
|
375,508,944 |
|
|
|
372,279,711 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
- OP Units |
|
|
11,888,041 |
|
|
|
13,050,142 |
|
- long-term compensation shares/units |
|
|
2,089,783 |
|
|
|
1,586,077 |
|
- ATM forward sales |
|
|
141,136 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and Units - diluted |
|
|
389,627,904 |
|
|
|
386,915,930 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: |
|
|
|
|
|
|
|
|
Common Shares - basic |
|
|
375,508,944 |
|
|
|
372,279,711 |
|
OP Units - basic |
|
|
11,888,041 |
|
|
|
13,050,142 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and OP Units - basic |
|
|
387,396,985 |
|
|
|
385,329,853 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
- long-term compensation shares/units |
|
|
2,089,783 |
|
|
|
1,586,077 |
|
- ATM forward sales |
|
|
141,136 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total Common Shares and Units - diluted |
|
|
389,627,904 |
|
|
|
386,915,930 |
|
|
|
|
|
|
|
|
|
|
Period Ending Amounts Outstanding: |
|
|
|
|
|
|
|
|
Common Shares (includes Restricted Shares) |
|
|
375,974,070 |
|
|
|
372,917,413 |
|
Units (includes OP Units and Restricted Units) |
|
|
12,872,604 |
|
|
|
14,042,374 |
|
|
|
|
|
|
|
|
|
|
Total Shares and Units |
|
|
388,846,674 |
|
|
|
386,959,787 |
|
Equity Residential Development and Lease-Up Projects as of March 31, 2022 (Amounts in thousands except for project and apartment unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated/Actual |
|
|
||||||
Projects |
|
Location |
|
Ownership Percentage |
|
|
No. of Apartment Units |
|
|
Total Budgeted Capital Cost |
|
|
Total Book Value to Date |
|
|
Total Debt (A) |
|
|
Percentage Completed |
|
|
Start Date |
|
Initial Occupancy |
|
Completion Date |
|
Stabilization Date |
|
Percentage Leased / Occupied |
||||||
CONSOLIDATED: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
9th and W (B) |
|
Washington, DC |
|
92% |
|
|
|
312 |
|
|
$ |
108,027 |
|
|
$ |
36,718 |
|
|
$ |
— |
|
|
30% |
|
|
Q3 2021 |
|
Q2 2023 |
|
Q3 2023 |
|
Q3 2024 |
|
– / – |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Consolidated |
|
|
|
|
|
|
312 |
|
|
|
108,027 |
|
|
|
36,718 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Completed Not Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
The Edge (fka 4885 Edgemoor Lane) (B) |
|
Bethesda, MD |
|
100% |
|
|
|
154 |
|
|
|
73,771 |
|
|
|
73,055 |
|
|
|
— |
|
|
100% |
|
|
Q3 2019 |
|
Q3 2021 |
|
Q3 2021 |
|
Q3 2022 |
|
78% / 69% |
||
Aero Apartments |
|
Alameda, CA |
|
90% |
|
|
|
200 |
|
|
|
117,794 |
|
|
|
113,659 |
|
|
|
64,274 |
|
|
100% |
|
|
Q3 2019 |
|
Q2 2021 |
|
Q2 2021 |
|
Q3 2022 |
|
85% / 83% |
||
Alcott Apartments (fka West End Tower) |
|
Boston, MA |
|
100% |
|
|
|
470 |
|
|
|
409,749 |
|
|
|
402,873 |
|
|
|
— |
|
|
99% |
|
|
Q2 2018 |
|
Q3 2021 |
|
Q4 2021 |
|
Q1 2023 |
|
69% / 63% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Completed Not Stabilized - Consolidated |
|
|
|
|
|
|
824 |
|
|
|
601,314 |
|
|
|
589,587 |
|
|
|
64,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNCONSOLIDATED: (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Alloy Sunnyside |
|
Denver, CO |
|
80% |
|
|
|
209 |
|
|
|
66,004 |
|
|
|
20,437 |
|
|
|
— |
|
|
20% |
|
|
Q3 2021 |
|
Q2 2023 |
|
Q4 2023 |
|
Q3 2024 |
|
– / – |
||
Alexan Harrison |
|
Harrison, NY |
|
62% |
|
|
|
450 |
|
|
|
198,664 |
|
|
|
60,447 |
|
|
|
— |
|
|
9% |
|
|
Q3 2021 |
|
Q3 2023 |
|
Q2 2024 |
|
Q4 2025 |
|
– / – |
||
Solana Beeler Park |
|
Denver, CO |
|
90% |
|
|
|
270 |
|
|
|
79,956 |
|
|
|
16,242 |
|
|
|
— |
|
|
5% |
|
|
Q4 2021 |
|
Q4 2023 |
|
Q2 2024 |
|
Q1 2025 |
|
– / – |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects Under Development - Unconsolidated |
|
|
|
|
|
|
929 |
|
|
|
344,624 |
|
|
|
97,126 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Development Projects - Consolidated |
|
|
|
|
|
|
|
|
1,136 |
|
|
|
709,341 |
|
|
|
626,305 |
|
|
|
64,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Development Projects - Unconsolidated |
|
|
|
|
|
|
|
|
929 |
|
|
|
344,624 |
|
|
|
97,126 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Development Projects |
|
|
|
|
|
|
|
|
2,065 |
|
|
$ |
1,053,965 |
|
|
$ |
723,431 |
|
|
$ |
64,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS |
Total Budgeted Capital Cost |
|
|
Q1 2022 NOI |
|
||
Projects Under Development - Consolidated |
$ |
108,027 |
|
|
$ |
— |
|
Projects Completed Not Stabilized - Consolidated |
|
601,314 |
|
|
|
2,390 |
|
Projects Under Development - Unconsolidated |
|
344,624 |
|
|
|
— |
|
|
$ |
1,053,965 |
|
|
$ |
2,390 |
|
(A) |
All non-wholly owned projects are being partially funded with project-specific construction loans. None of these loans are recourse to the Company. As of March 31, 2022, no material draws have been made on the construction loans for 9th and W, Alloy Sunnyside, Alexan Harrison or Solana Beeler Park. |
(B) |
The land parcels under these projects are subject to long-term ground leases. |
(C) |
The Company has six unconsolidated development joint ventures as of March 31, 2022. In addition to the three projects disclosed in “Projects Under Development – Unconsolidated” above, the Company has three additional unconsolidated joint venture projects that have not yet started but are expected to do so in 2022 and eventually deliver approximately 1,005 apartment units. |
Equity Residential Capital Expenditures to Real Estate For the Quarter Ended March 31, 2022 (Amounts in thousands except for apartment unit and per apartment unit amounts) |
|
|
|
Same Store Properties |
|
|
Non-Same Store Properties/Other |
|
|
Total |
|
|
Same Store Avg. Per Apartment Unit |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Apartment Units |
|
|
|
74,675 |
|
|
|
5,906 |
|
|
|
80,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Improvements |
|
|
$ |
17,380 |
|
|
$ |
2,104 |
|
|
$ |
19,484 |
|
|
$ |
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renovation Expenditures (1) |
|
|
|
8,336 |
|
|
|
— |
|
|
|
8,336 |
|
|
|
112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Replacements |
|
|
|
7,284 |
|
|
|
181 |
|
|
|
7,465 |
|||||